Actuarial Experience

• Below is a summary of the main areas of work on this assignment:

  WITH PROFITS

• Completed surrender value reviews for many products
• Completed target ranges work and built in automated checker
• Setup calculation spreadsheet to calculate fair payout ratio (benefit/asset shares) for paid up policies
• Investigated various methods for setting bonuses where data sparse
• Annual bonus rate and Final bonus rate declarations
• Calculation of CWP Pension Transfer Values
• Management of junior colleagues
• Investigated methods of smoothing to be applied to our shadow fund
• Aim is for the shadow fund to follow the With-Profit assets as closely as possible
• Volatile markets of particular interest

  CAPITAL REPORTING

• Monthly financial reporting – EV, APV, NBS
• Monthly Financial performance (New Business and Existing Business Performance Figures)
• Wrote year-end valuation manual
• Year-end valuation: Solvency 1 and Solvency II
• NP and WP
• DFA – guarantee costs
• Stochastic results
• Creation of ESG files using Barrie and Hibbert
• Report writing
• Mid-year and quarterly valuations
• Valuation assumption setting
• Capital plan (projections)
• Monthly capital solvency monitor

  PROPHET AND DCS

• Prophet modelling of valuation and economic basis for capital reporting and bonus setting, including NP and WP business
• Prophet version upgrades
• Modelling testing, coding review
• Prophet model development
• Code review
• Independent results testing build of independent excel models
• Implement coding updates, version control and back testing
• Back testing for bonus reporting asset shares, and valuation reporting; BEL.
• Attended Prophet advance training course

  UNIT PRICING FOR UWP AND UL BUSINESS

• Programmed in Excel Visual Basic a complete unit pricing system, complete with calculation engine and user interface.
• Managed daily unit pricing, annual deemed disposals, box calculations, liquidations
• Unit pricing system moved to an off the shelf system; system selection; detailed discussions; negotiations of fees; risk controls analysis; move to ICON and testing; change of BAU procedures and documentation.
• Understanding process overview, identifying existing issues, process flow charts, identifying blockers, planning actions, managing development and delivery, support BAU integration
• Examples; unit pricing and investment system daily integration to policy systems

  OTHER AREAS

• Complete experience analysis included lapse, surrender, pups and mortality
• Upgraded experience analysis calculations to use Microsoft Access
• Upgraded Paradox scripts in Microsoft Access
• Trained other team members in unit pricing, experience analysis and valuation processes
• MSS Credit Balance documentation
• Reassurance premium calculation

Experience: With Profits, Reporting, Prophet